- Mr. Edwin Goh and Dr.
Carsten Breitfeld have stepped down
from the Faraday Future Board
- FF Global CEO Xuefeng
Chen("XF") succeeds Carsten
Breitfeld as Executive Director of FFIE Board of
Directors
- Ms. Ke Sun, has been
nominated as a new independent board member of the FFIE Board of
Directors
- FF Global Partners("FFGP") and FFIE are discussing further
governance changes to maximize company value
LOS ANGELES, Dec. 29, 2022 /PRNewswire/ -- FF Top, which is
controlled and managed by FF Global Partners LLC ("FFGP"), the
founding shareholder and a partnership of mostly key Faraday Future
("FF", "FFIE", "the Company") executives, announced the nomination
of Ms. Ke Sun as replacement FFGP
Designee to fill the recent vacancy created by the resignation from
the FFIE Board of Directors by Designee Mr. Edwin Goh.
Former FF Global CEO Carsten
Breitfeld had also stepped down from the FFIE Board of
Directors on December 26, 2022, the
new FF Global CEO, Xuefeng
Chen("XF"), succeeded Mr. Breitfeld as executive director of
the FFIE Board of Directors.
Ms. Ke Sun served as the Chief Financial Officer
of Yudo New Energy Auto, an electric vehicle OEM in
Fujian Province, China. From September
2017 to May 2019, Ms. Sun
served as an independent financial adviser and assisted in the
fundraising efforts of HoloMatic Technology Ltd. Prior to that, Ms.
Sun worked for BAIC Motor ltd. (HKG:1958), an OEM
affiliate of Beijing Automotive Group, a Fortune Global 500
conglomerate, since June 2016 and held the position
of Secretary of the Board of Directors
from September 2016 to September
2017. Before joining BAIC Motor, Ms. Sun worked on
the strategic investment team at a Chinese
internet company and a global media group. Ms. Sun
received a bachelor's degree in International Financial Law from
the Dalian Maritime University, China. She also holds a Secretary of the
Board of Directors Certificate from the Shanghai Stock Exchange
and a Fund Qualification Certificate from the Asset
Management Association of China.
Ms. Sun Serves on the FF board of directors based on
her professional knowledge of large corporation board
governance, finance & investment and her
extensive background in the auto industry.
"I am pleased to see the recent changes to the FFIE's Board of
Directors. This will be a key turning point to best support
reaching the most important strategic goal – the delivery of FF 91
Futurist on time and with high quality, to create value for all
shareholders." said Jerry Wang,
President of FFGP.
FF Global Partners has given the Company the chance to move
forward, following an unfortunate period in which the Company's
operations were defined by infighting and the destruction of
shareholder value.
FFGP is seeking changes to the Company's governance that are
based on proven industry precedent. As the founding shareholder,
and as a partnership largely comprised of current and former key
FFIE executives, FFGP believes that these additional governance
improvements, if implemented, will help further align the
Company with shareholder interests and will help maximize the
Company's value and achieve the Company's goals.
FF Global Partners is a "Futurist Alliance" composed of dozens
of core members of FF from different professional disciplines such
as AI, Internet, IT and automotive who share the same vision and
values. Our governance structure mostly referred to the Alibaba
model – all partners share entrepreneurship, ownership, risks,
governance, and exercise top-level control over FF together, and
ultimately realize a shared dream and mission. It is a proven
industry best practice and has provided FF with a unique
competitive advantage and cornerstone for success in company
culture, governance structure and talent system. All
partners represent the real interests of the company.
NO OFFER OR SOLICITATION
This communication shall neither constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of securities in any jurisdiction in which the offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
This communication is not a solicitation of proxies in connection
with any matter to be voted upon by stockholders.
FORWARD LOOKING STATEMENTS
This press release includes "forward looking statements" within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. When used in this
press release, the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "should," ""future," "propose", "potential"
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the control of FF Top, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include the Company's
ability to satisfy the conditions precedent and close on the
various financings referred to in this press release, the failure
of any which could result in the Company seeking protection under
the Bankruptcy Code; the failure of the conditions to the full
implementation of FF Top's governance agreement with the Company to
be satisfied and other factors. The foregoing list of factors is
not exhaustive. Forward-looking statements speak only as of the
date they are made. Readers are cautioned not to put undue reliance
on forward-looking statements, and FF Top does not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
For media enquiries, please contact: FF
TOP Holding LLC, info@ffglobalpartners.com.
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SOURCE FF Top Holding LLC